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7063 Grasswood Drive Las Vegas, NV 89147

3 Beds 1 Baths 1,658 sqft Built 1974

$299,900

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1974
  • Price/Sqft : $180.88
  • 5 Days on Market
  • MLS # : 2243996
  • Updated Date : 11/04/2020 at 13:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,658 sqft
  • Baths : 1 full
Listing Agent

Platinum R.e. Professionals

Listing Agent's Description

MUST SEE! Hard to find single-story pool home in the heart of Spring Valley for under $300k. This 3 bedroom, 2 bath home features a spacious open kitchen with stainless steel appliances along with abundant counter and cabinet space. Extra large family room has plenty of space for entertaining or just enjoying the cozy fireplace. Spacious front yard with real grass and cool shade from huge palm trees. Enjoy the pool during the hot summer days.

SEE MORE

MARKET HIGHLIGHTS

  • As the largest share, Las Vegas metro contributes to 75.1% of Nevada state's economy i.e. Gross State Product (USMayors.org, 2018)
  • Las Vegas metro has 61.2% labor force participation rate (USMayors.org, 2018)
  • Las Vegas metro's employment growth was at 2.6% in 2018 and predicted to grow at the rate of 1.7% in 2019 (USMayors.org, 2018)
  • A $7.5 billion mixed-use 6-year project known as Bleutech Park Las Vegas is starting in December 2019. The project will incorporate environmental and technological features such as water purification, on-site waste treatment and localized air cleaning. Described as an “insular mini-city,” the plan calls for use of autonomous vehicles, AI, augmented reality, robotics and other advanced technologies. (reBusinessOnline - France Media, 2019)
  • Las Vegas metro's major employers include: MGM Resorts International, Caesars Entertainment Corporation, Stations Casinos, LLC., Wynn Resorts, Boyd Gaming Corporation, Las Vegas Sands Corporation, Walmart Stores, Cosmopolitan of Las Vegas, The Valley Health System and Supervalu (Las Vegas Sun, 2019)
  • Las Vegas metro's economy was worth $124.9 billion in Gross Metro Product in 2018 and projected to grow to $133.2 billion in 2019 (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $119k296k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Spring Valley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2105011001150120012501300135014001450150015501600Rent in $10381606

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Pat A. Diskin Elementary School Primary Regular 686 34 6
Lawrence Junior High School Middle Regular 1,421 61 NA
Durango High School High Regular 2,302 95 5

Pat A. Diskin Elementary School

  • Education Level: Primary
  • # of students: 686
  • # of teachers: 34
6
GreatSchools Rating

Lawrence Junior High School

  • Education Level: Middle
  • # of students: 1,421
  • # of teachers: 61
NA
GreatSchools Rating

Durango High School

  • Education Level: High
  • # of students: 2,302
  • # of teachers: 95
5
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$1,107
Property Tax -$128
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$117

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$299,900

PROJECTED PRICE

$1,530

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 9.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.63%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

8.17

YEARS SAVED

$37,298

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,530

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,559

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4753$1,5304$1,6345$1,695
$1,695
RENT COMPS ANALYSIS
  • 7063 Grasswood Drive Las Vegas, NV 3
    • 3 beds 1 baths ∙ 1,658 Sqft ∙ Built 1974 3 beds 1 baths ∙ 1,658 Sqft ∙ Built 1974
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.92
    •  
  • 4705 Marlboro Court Las Vegas, NV 1
    • 3 beds 2 baths ∙ 1,574 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,574 Sqft ∙ Built 1976
    property image
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.92
    •  
  • 7401 Coffeyville Las Vegas, NV 2
    • 3 beds 2 baths ∙ 1,574 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,574 Sqft ∙ Built 1986
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.94
    •  
  • 4529 Meridian Drive Las Vegas, NV 4
    • 3 beds 2 baths ∙ 1,658 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,658 Sqft ∙ Built 1975
    property image
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,634
    • $0.99
    •  
  • 6777 Quinella Drive Las Vegas, NV 5
    • 4 beds 3 baths ∙ 1,853 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,853 Sqft ∙ Built 1986
    property image
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.91
    •  
PROPERTY LISTING DETAILS
James Dirig
1.702.810.2473
Platinum R.e. Professionals
Gabriela Lara
1.866.250.5610
Mynd Property Management
1453579
Greater Las Vegas Association of Realtors ( GLVAR)
MLS #: 2243996
Last Updated: 11/04/2020
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